Energy storage battery copper demand

Why is copper in high demand?

The energy transition is adding a new angle to that story. Copper will be in high demand because it is so versatile and used in energy storage, EV charging infrastructure and related applications. For instance, the International Energy Agency estimates that “clean energy technology” may account for over 40% of total copper demand.

What is the supply demand gap for copper?

Copper, essential for the global energy transition, faces a significant supply demand gap, with the demand for the next 22 years estimated to be equivalent to the total amount extracted over the past 5000 years [45, 46].

Does mineral demand outpace battery demand?

Overall demand for minerals in the base case grows by 33 times between 2020 and 2040, from 26 kt to nearly 850 kt. Overall mineral demand outpaces battery demand growth, as the market share for LFP batteries is displaced by more mineral-intensive NMC chemistries.

What is the future of battery storage?

Batteries account for 90% of the increase in storage in the Net Zero Emissions by 2050 (NZE) Scenario, rising 14-fold to 1 200 GW by 2030. This includes both utility-scale and behind-the-meter battery storage. Other storage technologies include pumped hydro, compressed air, flywheels and thermal storage.

Are EVs and battery storage the fastest growing consumer of lithium?

Since 2015, EVs and battery storage have surpassed consumer electronics to become the largest consumers of lithium, together accounting for 30% of total current demand. As countries step up their climate ambitions, clean energy technologies are set to become the fastest-growing segment of demand for most minerals.

Are battery energy storage systems the future of electricity?

In the electricity sector, battery energy storage systems emerge as one of the key solutions to provide flexibility to a power system that sees sharply rising flexibility needs, driven by the fast-rising share of variable renewables in the electricity mix.